Due to occasional confusion, Field 29952 “Simultaneous Second?” is being changed to “Loan is a Simultaneous Second/Subordinate Lien”. The current field name can be misunderstood as a question about whether there is a simultaneous second lien associated with the transaction as a whole, which is not its intended purpose. Changing the field name to “Loan is a Simultaneous Second/Subordinate Lien” makes it clear that the field is used as a simultaneous second/subordinate lien indicator for the individual loan, rather than as an indicator that the transaction as a whole involves a simultaneous second/subordinate lien. “Subordinate Lien” is also being included in the field name to account for simultaneous third lien loans (and beyond), which also need to have the indicator set to Yes under appropriate circumstances.
In order to further assist clients to set field 29952 correctly, we are also modifying the global mapping on field 29952 to set it to “No” for all first lien loans (i.e. when Field 1041 “Lien Position” is set to “FirstLien”).
These changes will be in effect on September 20, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.